Envirocare of Utah's new credit was three times oversubscribed, even after a 50 basis point reverse flex last Monday. The credit comprises a $10 million revolver and $330 million "B" loan. It originally went out to investors at LIBOR plus 3 1/2%. Last week the spread was reduced to LIBOR plus 3% with a step down to LIBOR plus 2 3/4% if leverage is 2.5 times or below.
Calyon is leading the bank debt, which backs the acquisition of the company by an investment group led by Lindsay Goldberg & Bessemer. The company handles low level radioactive waste. Calyon bankers declined comment. Andrew Weinberg, a principal with Lindsay Goldberg, did not immediately return calls.